ASX-listed fintech to buy Wirecard

ASX-listed fintech to buy Wirecard

An ASX-listed fintech has launched a capital raising to acquire Wirecard’s Australia and New Zealand business.

Change Financial, a US-focused fintech company, announced it has entered into a binding agreement to acquire all of business assets or Wirecard Australia and New Zealand for $7.8 million.

Change Financial said the Wirecard business has three well established products covering the card management platform, central managed testing hub for financial transactions and mobile payments.

The deal comes after the Australia/New Zealand Wirecard business going into voluntary administration in July 2020.

McGrathNicol and BDO were appointed voluntary administrators.

Change Financial said the Aust/NZ business is separate from the much publicised administration process of the global group, which centered on the dealings of Wirecard AG, the ultimate parent company.

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Source: ASX-listed fintech to buy Wirecard | Financial Standard